KGL Resources has reported a 26.4% increase in underground mineral resources at the Jervois copper project in Australia’s Northern Territory. The growth, achieved through the 2024 drilling program, adds 4.1 million tonnes (Mt) of resources. This increase improves the project’s economic outlook, extending its mine life and enhancing long-term production potential.
The updated mineral resource estimate (MRE) for Jervois has risen from 23.37Mt to 27.45Mt, a 17.4% increase from May 2024. While the copper grade slightly dropped from 2.02% to 1.87%, the total contained copper has increased by 42.7kt, bringing the total to 513,000 tonnes. Additionally, contained silver rose by 2.8Moz, and contained gold increased by 22.4koz, marking significant growth.
Successful Drilling and Exploration Plans
The 2024 drilling program was completed ahead of schedule with 75 drill holes totalling 23,037 meters. This success significantly increased the resources at Jervois. KGL Resources plans continued exploration for the rest of 2024, focusing on near-surface resources with results expected in early 2025. The company is also reviewing the Jervois mineral system to refine future exploration strategies.
Feasibility Study and Project Development
Alongside the resource upgrade, KGL Resources is progressing with an updated feasibility study. This includes reviewing open-cut and underground mine designs, scheduling, and civil works by Tier 1 contractors. The company will conduct an independent technical expert review (ITE) before finalizing the study, ensuring that the project stays on track and meets cost targets.
CEO’s Remarks on the Exploration Success
KGL Resources CEO, Philip Condon, celebrated the successful 2024 exploration program. The addition of 4.1Mt to the underground resource and the rise in contained copper to over 500,000 tonnes are seen as major milestones. Condon emphasized that the achievement shows the company’s commitment to advancing the Jervois copper project.
Project Background
Acquired by KGL Resources in 2011, the Jervois copper project has made significant progress. The project received environmental approval in October 2019 and mining management plan approval in January 2021, preparing for the next development phase. The resource upgrade positions the project for further success and growth.
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